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STOCK COMPENSATION | 9 Months Ended
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Sep. 30, 2017
STOCK COMPENSATION | NOTE G — STOCK COMPENSATION On June 22, 2017, the shareholders of the Company approved an amendment to the Company’s Amended and Restated 2000 Long-Term Incentive Plan (the “Plan”). The Plan revised the terms and conditions of the Amended and Restated 2000 Long-Term Incentive Plan to increase the shares available for grant under the plan by 437,500 shares, permit certain awards under the Plan to continue to qualify for the exemption from the $1.0 million deduction limit under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and include and clarify several features that promote good governance. At September 30, 2017, there were 592,369 shares available for awards that could be granted under the Company’s Amended and Restated 2000 Long-Term Incentive Plan. Option Awards A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2017 is as follows:
|  | Options |  |  | Weighted- average exercise price |  |  | Weighted- average remaining contractual life (years) |  |  | Aggregate intrinsic value |
Options outstanding, January 1, 2017 |  |  | 1,775,400 |  |  | $ | 13.44 |  |  |  |  |  |  |  |  |
Grants |  |  | 125,750 |  |  |  | 17.38 |  |  |  |  |  |  |  |  |
Exercises |  |  | (132,000 | ) |  |  | 12.16 |  |  |  |  |  |  |  |  |
Cancellations |  |  | (27,700 | ) |  |  | 16.32 |  |  |  |  |  |  |  |  |
Expirations |  |  | (90,250 | ) |  |  | 20.53 |  |  |  |  |  |  |  |  |
Options outstanding, September 30, 2017 |  |  | 1,651,200 |  |  |  | 13.40 |  |  |  | 4.6 |  |  | $ | 8,293,000 |
Options exercisable, September 30, 2017 |  |  | 1,383,506 |  |  | $ | 12.73 |  |  |  | 3.9 |  |  | $ | 7,850,000 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on September 30, 2017. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on September 30, 2017 and the exercise price. The total intrinsic value of stock options exercised for the nine month periods ended September 30, 2017 and 2016 was $0.9 million and $0.9 million, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise. Total unrecognized stock option compensation expense at September 30, 2017, before the effect of income taxes, was $1.3 million and is expected to be recognized over a weighted-average period of 2.2 years. Restricted Stock A summary of the Company’s restricted stock activity and related information for the nine months ended September 30, 2017 is as follows:
|  | Restricted Shares |  |  | Weighted- average grant date fair value |
Non-vested restricted shares, January 1, 2017 |  |  | 161,824 |  |  | $ | 15.35 |
Grants |  |  | 133,352 |  |  |  | 18.32 |
Vested |  |  | (64,795 | ) |  |  | 15.38 |
Cancellations |  |  | (6,064 | ) |  |  | 16.07 |
Non-vested restricted shares, September 30, 2017 |  |  | 224,317 |  |  | $ | 17.09 |
Total unrecognized compensation expense remaining |  | $ | 3,310,000 |  |  |  |  |
Weighted-average years expected to be recognized over |  |  | 2.8 |  |  |  |  |
The total fair value of restricted stock that vested during the nine months ended September 30, 2017 was $1.2 million. Performance awards Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals by the end of the performance periods, as determined by the Compensation Committee. The shares are subject to the terms and conditions of the Plan. A summary of the Company’s performance-based award activity and related information for the nine months ended September 30, 2017 is as follows:
|  | Performance- based awards (1) |  |  | Weighted- average grant date fair value |
Non-vested performance-based awards, January 1, 2017 |  |  | 145,962 |  |  | $ | 15.32 |
Grants |  |  | 87,000 |  |  |  | 18.45 |
Cancellations |  |  | (4,070 | ) |  |  | 16.52 |
Non-vested performance-based awards, September 30, 2017 |  |  | 228,892 |  |  | $ | 16.49 |
Total unrecognized compensation expense remaining |  | $ | 2,090,000 |  |  |  |  |
Weighted-average years expected to be recognized over |  |  | 1.9 |  |  |  |  |
(1) | Represents the target number of shares to be issued for each performance-based award.
The Company recognized total stock compensation expense of $1.0 million for the three months ended September 30, 2017, of which $0.2 million represents stock option compensation expense and $0.8 million represents restricted stock and performance based compensation expense. For the nine months ended September 30, 2017 the Company recognized total stock compensation expense of $2.5 million, of which $0.8 million represents stock option compensation expense, $1.7 million represents restricted stock and performance based compensation expense. The Company recognized total stock compensation expense of $0.8 million for the three months ended September 30, 2016, of which $0.4 million represents stock option compensation expense and $0.4 million represents restricted stock and performance based compensation expense. For the nine months ended September 30, 2016 the Company recognized total stock compensation expense of $2.1 million, of which $1.0 million represents stock option compensation expense, $1.1 million represents restricted stock and performance based compensation expense and $32,000 represents stock awards granted in 2016.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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